Comex Gold (GC)

With 4 hours MACD crossed above signal line, a temporary low is in place at 1337 and intraday bias is turned neutral. Some sideway consolidations might be seen. But after all, break of 1392.9 resistance is needed to indicate short term bottoming. Otherwise, another decline will remain in favor. Below 1337 will target 1329 key support level next. Break will bolster the case of medium term reversal and will bring deeper decline to 1155.6/1266.5 support zone next.

In the bigger picture, the case of medium term reversal is building Gold might have failed two important projection target, 161.8% projection of 931.3 to 1227.5 from 1044.5 at 1449.6 and 100% projection of 253 to 1033.9 from 681 at 1462. A medium term top could be in place at 1432.5 on bearish divergence in daily MACD and RSI. Decisive break of 1329 support will confirm this case and also indicate that whole up trend from 681 (2008 low) has completed a five wave sequence. In such case, deeper decline should be seen back to 1044.5/1227.5 support zone at least.

Comex Gold Continuous Contract 4 Hours Chart

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